{quote} you make me laugh... I really expected...God bless everyone!
Risk Management is of utmost importance!
- #81
- Dec 30, 2022 10:29am Dec 30, 2022 10:29am
- Joined Aug 2018 | Status: Joyful and Proud | 2,001 Posts
- #82
- Dec 31, 2022 1:39am Dec 31, 2022 1:39am
- Joined Aug 2018 | Status: Joyful and Proud | 2,001 Posts
{quote} you make me laugh... I really expected...
It was a joke, I thought it was something to make us laugh.
I thought we could be friends.
Risk Management is of utmost importance!
- #83
- Dec 31, 2022 8:25am Dec 31, 2022 8:25am
- Joined Aug 2018 | Status: Joyful and Proud | 2,001 Posts
Risk Management is of utmost importance!
- #86
- Feb 27, 2023 6:25am Feb 27, 2023 6:25am
- Joined Aug 2018 | Status: Joyful and Proud | 2,001 Posts
Hi Alex; I trust you are well. Extending on our previous communication you advised you were looking at $9k or thereabouts for a long entry. I am sure you've been watching the BTC chart as of recent. I found myself wondering. Do you have your Buy Limit order placed at around $9K? I am certain that you're aware that BTC is currently at a major inflection point & the current price action on the STF (H1 & H4) suggests the shorts were liquidated, such that the bus travels downtown empty (as is customary in trading) to now clear out the longs & perhaps...
According to FX trading theory, in times of global instability like military conflicts, financial crisis (aka 2008), drought, and epidemy, investors have an aversion to high-risk investments (aka bitcoin). For now, the war is just between Ukraine and Russia but it could escalate, could it not? Or is Bitcoin not a high-risk investment?
Risk Management is of utmost importance!
- #88
- Feb 27, 2023 10:32am Feb 27, 2023 10:32am
{quote} Hey! Thanks again for your extensive post. According to FX trading theory, in times of global instability like military conflicts, financial crisis (aka 2008), drought, and epidemy, investors have an aversion to high-risk investments (aka bitcoin). For now, the war is just between Ukraine and Russia but it could escalate, could it not? Or is Bitcoin not a high-risk investment?
Thank You for your kind message & I trust you’re well this fine day.
So far as the MSM kool-aid goes, you & I have been engaging freely on open forums & via PM for a long time so I have the luxury to speak “freely” to you.
So come now, give the MSM kool-aid a wide berth & more especially what may or may not happen with this, that & everything else that goes with the drivel which comes from the “money-bunnies” on CNBC, Bloomberg & wherever else.
We’re old-timers in this game now & we know what the newbies will take some time yet to learn.
So, the short answer to your question. Is BTC is a high-risk investment? Sure it is, as is just about everything, really.
Us going to sleep daily is even greater risk since nobody is “guaranteed” that they’ll wake up tomorrow, or has someone found a way to secure some form of guarantee which we, the masses don’t know about?
Then there’s a whole host of other basic things, driving, going somewhere for a vacation or even your normal morning run, if you take one since there is some motorist who could run us over & that’s it for us, finnito, zilch, nada, curtains, The END! Then there’s the good old situation/risk of people who slip, fall & die in the bath hey, don’t forget that “risk”
Do we exist in a perpetual state of fear that all those things can happen, or do we get on with what needs to be done?
I advised you previosuly; to me BTC, along with the other crypto instruments to me are just that; instruments, nothing more, nothing less; which form part of my toolkit. I don’t put on crypto trades with conventional brokers on margin like what we do with FX. I only ever buy out the coin/tokens & store them in my decentralised cold wallets far from the likes of FTX, Celsius or whomever else since we will never know which central exchange will be the next exit, what with them being the house of cards that they are.
This off course doesn’t insulate me from the entire crypto ecosystem going to zero as Peter Schiff would have us all believe. Is he right? Well, maybe he is but the thing is, I don’t care since I accept that loss when I put on the trade, not getting paper hands after I enter & then get gripped with fear to lose palsy profits & then FOMO back in higher than what I got in initially when I see it (whichever instrument) actually getting into a full tilt range expansion.
Case in point, I made a post on my thread when Solana capitulated towards end Dec22 to just around $8. Naturally MSM was asking whether that is the end of “The Ethereum Killer” & all the typical influencers were going wild on social media proclaiming that Solana (well & the entire crypto ecosystem) was now doomed & surely going to zero, this time. What happened???
I went long, as was not intended for retail traders to do & I spent a long, long time securing my order flow on the exchanges since we know nobody wanted to fill my orders. Anyhow long story short, it tripled in value soon after & we saw green shoots for the next couple of weeks across almost all crypto instruments, BTC included.
To answer your next question, No, I didn’t bank anything in profits even though I know that could have been a dead-cat bounce from $8 to now at +- $25. From here, it’s either going to free-fall again back to $8 or even lower OR, just maybe it could go where I know it will end up eventually at some point at the range expansion to the previous ATHs around $240-$270.
So yes, I am greedy when almost everyone is afraid & total peace with losing the 3x if there’s a rapid capitulation pull-back from where we are now since I got in at $8 not to puke out at 3x, no Sir.
I got in at $8 & will only liquidate 50% of my order at $240 which is the 30x gain I expect. I will leave the other 50% to do what it must since from there it will likely bobble around & even fall rapidly again to rinse & repeat the good old market patterns which I don’t much care to micromanage with every little movement.
You see, my vision as a trader is to complete the evolution into a becoming a diamond hand trader who doesn't flinch at the prospect of profits being wiped away with rapid pull-backs where we actually become when we're in profit, weird phenomenom but I know you know what I am talking about.
In closing Alex, what I can say & reaffirm to you is what I told you the last time we chatted. If you want to trade crypto trade it with inner peace. Don’t oscillate off again/on again like what we do with FX when we’re new when we "buy high & sell low" so when we look at our order flow after some time all the sell orders are at the bottom of the chart & the buy orders are all in bull-traps at the top.
When you put on a trade only ever do so with funds which you’re content to lose if it does go to zero & find complete peace with that. Then learn how to diversify your portfolio intelligently between BTC & the break-away altcoins which have potential for expansion percentiles which will be hard (not impossible) for BTC to match since some altcoins can 20,50 or even 100x from where they are now. Learn Alex, learn which are these by expanding your knowledge base, the devil is in the details.
Learn how to push & pull your crypto holding between BTC & these coins & watch your purse fatten commensurate with as your competence grows.
Don’t overthink it, when you know what you know, pull the trigger & function like the high-performance individual you are capable of being with all the inherent knowledge you have from trading all these years.
The noise is the noise, let them shout, the underlying principle of trading is inert to those external shocks.
I look forward to seeing you on the other side Alex…
I wish you & everyone on the thread a fantastic day ahead & May The Markets Go With You.
Sincerely,
Des
My success is due to The Great Napoleon Hill. May His Name Live Forever